ST completes sale of Numonyx to Micron

Following the announcement by semiconductor company Micron of the closing of its acquisition of Numonyx, ST Microelectronics has announced that, in connection with the sale of its 48.6 per cent stake in Numonyx, it has received a consideration for 66.88 million shares of Micron common stock, to be dealt as a financial investment.

At the Micron share price for 11 May, the value of the shares is $585.2m (£392m) – a substantial portion of which is hedged.

The consideration also includes future full ownership of the Numonyx M6 facility in Catania, Italy, which ST has committed to contribute to a new photovoltaic joint initiative among Enel, Sharp and ST.

In connection with the transaction, ST has a payable balance of $77.8m due to Francisco Partners at the end of the shares lock-up period.